Schlumberger and Cameron jointly announced that Chinese Ministry of Commerce (MOFCOM) has cleared their proposed merger without any conditions. MOFCOM approval represents the last major closing condition to the proposed merger. As a result, the parties intend to close their transaction on 1 April 2016.
The closing of the proposed merger remains subject to the satisfaction or waiver of the remaining closing conditions contained in the merger agreement. Until that time, the companies will continue to operate as separate and independent entities and continue to serve their respective customers.
In late August 2015, Schlumberger announced it would acquire Cameron for US$14.8 billion stock and cash deal. The agreement was unanimously approved by both boards of directors. The merger agreement offers Cameron shareholders 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share.
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